Magna Mining Upsizes Private Placement: Fueling Sudbury Projects and Shareholder Value
Generated by AI AgentWesley Park
Thursday, Feb 6, 2025 12:38 pm ET1min read
MGA--
Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) has announced an upsize to its previously announced private placement, raising the gross proceeds to up to C$22 million through the issuance of unsecured convertible debentures and up to C$10 million through the issuance of common shares. This move is set to bolster the company's financial position and support its exploration and development efforts in the Sudbury region, ultimately driving shareholder value.
The upsized private placement will see the issuance of up to C$22 million aggregate principal amount of unsecured convertible debentures, issued in ordinary multiples of C$1,000, less an original issue discount (an "OID") of 2% of the principal amount of the Convertible Debentures. Concurrently, the company will issue up to 6,451,612 common shares at a price of C$1.55 per Common Share, for aggregate gross proceeds of up to C$10 million. The company has also granted the Agents an option to increase the Offering by up to 15% of the number of Offered Securities, exercisable by the Agents, in whole or in part, at any time up to three business days prior to the closing of the Offering.
The net proceeds from the Offering will be used to advance the Company's Sudbury projects and for general corporate and working capital purposes. This influx of capital will enable Magna to fund its exploration activities, permitting and approval processes, surface bulk sample and advanced exploration, technical studies and reports, and general corporate and working capital expenses. By utilizing the proceeds in these ways, Magna can strengthen its financial position, advance its Sudbury projects, and ultimately create significant value for shareholders.
The upsized private placement is a testament to Magna Mining's commitment to its exploration and development efforts in the Sudbury region. By raising additional capital, the company is well-positioned to execute on its strategic plan and create value for shareholders. Investors should keep a close eye on Magna Mining as it continues to advance its projects and drive shareholder value.
TSVT--
Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF) (FSE: 8YD) has announced an upsize to its previously announced private placement, raising the gross proceeds to up to C$22 million through the issuance of unsecured convertible debentures and up to C$10 million through the issuance of common shares. This move is set to bolster the company's financial position and support its exploration and development efforts in the Sudbury region, ultimately driving shareholder value.
The upsized private placement will see the issuance of up to C$22 million aggregate principal amount of unsecured convertible debentures, issued in ordinary multiples of C$1,000, less an original issue discount (an "OID") of 2% of the principal amount of the Convertible Debentures. Concurrently, the company will issue up to 6,451,612 common shares at a price of C$1.55 per Common Share, for aggregate gross proceeds of up to C$10 million. The company has also granted the Agents an option to increase the Offering by up to 15% of the number of Offered Securities, exercisable by the Agents, in whole or in part, at any time up to three business days prior to the closing of the Offering.
The net proceeds from the Offering will be used to advance the Company's Sudbury projects and for general corporate and working capital purposes. This influx of capital will enable Magna to fund its exploration activities, permitting and approval processes, surface bulk sample and advanced exploration, technical studies and reports, and general corporate and working capital expenses. By utilizing the proceeds in these ways, Magna can strengthen its financial position, advance its Sudbury projects, and ultimately create significant value for shareholders.
The upsized private placement is a testament to Magna Mining's commitment to its exploration and development efforts in the Sudbury region. By raising additional capital, the company is well-positioned to execute on its strategic plan and create value for shareholders. Investors should keep a close eye on Magna Mining as it continues to advance its projects and drive shareholder value.
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